Should I buy this motor?

[elks]

Ok guys I have found a 1970 350 out of a short bed. The guy is selling the motor, the tranny complete for $300. It has the edlebrock proformer carb and intake, new hei distributor, and will come complete from top to bottom. Bad news is the guy has no history on the motor. The compression check was low on all cylinders and when started the it smoked pretty bad. No knocks etc.

I am looking for a motor to rebuild(as part of a college course) and think that this is a good deal, at the very least it is almost the cost for a core.

My other question: How far can the 350 block be bored until it is too far? I know that 30 over is pretty common, but where is the limit?

Thanks a bunch I am pretty certain I should buy it just for the parts.